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Remains Below Its Resistance

AUDUSD TECHS
  • RES 4: 0.6871 High Dec 28 and the bull trigger
  • RES 3: 0.6729/71 High Jan 12 / 3
  • RES 2: 0.6663 High Jan 16
  • RES 1: 0.6595/6625 High Jan 30 and key resistance
  • PRICE: 0.6544 @ 20:38 GMT Feb 27
  • SUP 1: 0.6496/6443 Low Feb 16 / 13 and the bear trigger
  • SUP 2: 0.6412 76.4% Fibonacci retracement for Oct - Dec upleg
  • SUP 3: 0.6360 Low Nov 14
  • SUP 4: 0.6339 Low Nov 10

Recent gains in AUDUSD still appear to be a correction and the downtrend that started Dec 28, remains intact. The pair has attempted to clear resistance around the 50-day EMA, at 0.6574. A clear break of this average is required to suggest scope for a stronger recovery. On the downside, the bear trigger lies at 0.6443, the Feb 13 low. A breach would open 0.6412, a Fibonacci retracement point.

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